Congressman Accepts Bitcoins While FEC Doesn’t

A Congressman has stated he will accept Bitcoins as contributions, after the Federal Election Commission could not agree on whether to permit their use as contributions.

Business Insider reported that Rep. Steve Stockman, R-Texas, is now accepting Bitcoins for campaign contributions to his 2014 campaign against Sen. John Cornyn, R-Texas. It is not clear if his campaign committee had actually received any Bitcoins.

In November, the Federal Election Commission failed to agree on Bitcoin use as a contribution. See earlier posting for details.

It’s not a recognized currency. It that stands, what’s to stop me from sending ‘monopoly’ money?

woodt

Nothing.

About Political MoneyLine

Political MoneyLine is about following money in politics. It's a cash register for givers, receivers and those who want to watch the flow.

Kent Cooper has been uncovering and counting political money since 1972, when new disclosure laws took effect. He was assistant staff director for the Federal Election Commission's disclosure office for 22 years.

Tony Raymond was at the FEC for more than 20 years, analyzing reports and serving as the FEC's first webmaster.

They currently produce the Political MoneyLine website on CQ.com and developed its earlier versions: FECInfo, Public Disclosure Inc., and Tray.com.